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News 19 June 2006
Egypt's Technology Minister Announces
New Investment Opportunities for American Businesses
On
Monday, June 19, 2006 Egypt's Minister of Communications and Information
Technology, Dr. Tarek Kamel, will announce new investment opportunities
for American businesses at a reception hosted by the Northern Virginia Technology
Council and several other organizations.
Dr. Kamel is visiting this region to meet with U.S. business leaders to
inform them about Egypt's recent developments in the ICT sector and announce
a number of large foreign investment opportunities.
At a reception Monday evening, Paul Laudicina, the Vice President and Managing
Director of A.T. Kearney's Global Business Policy Council, will announce
the findings of a special report which they conducted on doing business
in Egypt. Additionally, Mark McLaughlin, Executive Vice President for VeriSign,
will sign an agreement with the Minister to provide a name server for Egypt.
The Minister will be accompanied by a delegation of prominent technology
leaders from Cairo, including the leadership of EITESAL (Egypt's technology
association).
Egypt's leading technology companies currently demonstrate globally competitive
corporate capabilities in formation systems; software development design,
quality assurance, and maintenance; IP-based contact centers, fax servers,
SMS applications, unified communication solutions, Internet/Intranet applications;
and single-language localization services in Arabic. Egypt's leading ICT
companies are currently doing business around the world and are both service
providers and strategic partners with the world's leading ICT companies.
Companies including Oracle, IBM, Microsoft, Cisco Systems, Alcatel, and
Intel are all significantly investing in Egypt demonstrating their confidence
in the Egyptian market.
For its foreign investors, Egypt has built a state-of-the-art technology
park, the Smart Village and instituted Investment Law 8, where foreign companies
are eligible for tax exemptions of up to 10 years, unrestricted ownership
and unlimited profit repatriation. These incentives have enabled Egypt to
attract global players such as Oracle to set up the first MENA customer
care center and Intel has built its 4th worldwide Platform Definition Center.
Read more about this
Egypt Real Estate news story >>
ENI’s investment vital to Egypt’s
development
Development
of Egypt's natural gas industry, such as investments by Italian company
ENI, will be vital for the future of the North African country's economy,
Egyptian energy sector expert Magdi Sobhy said.
Sobhy, said that "Egypt is not a 'giant' of the energy sector, but
oil and gas can without doubt represent the key element for the country's
development."
He further referred to the role which foreign investors play in Egypt's
economic growth, in particular energy giant ENI, which is the main international
energy operator in the country.
This weekend ENI's CEO, Paolo Scaroni, will be in Egypt to celebrate the
50th anniversary of ENI's first oil extraction in the country.
ENI was the first foreign energy company to operate in Egypt in 1954 and
in 2004 its share of the oil and natural gas production in Egypt averaged
about 200,000 barrels of oil equivalent per day.
"The long-term presence of important foreign companies has also been
crucial to the development of sector-knowledge, technical skills and to
the training of specialised personnell, and today Egyptian technicians are
among the most seeked," added Sobhy.
ENI was among the 'pioneers' of soil exploration in Egypt and, since the
fifties, it has extended its operations to the field of fuels production,
natural gas liquefaction and crude oil refinement, as well as the search
of new oilfields.
ENI started its business in Egypt thanks to an agreement on soil exploration
negotiated in the early fifties by former ENI chairman Enrico Mattei and
former Egyptian president Gamal Abd el-Nasser. Read more about this
Egypt Real Estate news story >>
The Pharaohs' outspoken defender
kicks up a dust storm
Zahi
Hawass, the man selected to preserve Egypt's magnificent monuments, has
never been timid about protecting his nation's heritage.
At a preview of a King Tut display at Chicago's Field Museum last month,
Hawass, whose critics call him "the Show-Biz Pharaoh," a "media
whore" and "part P.T. Barnum, part Indiana Jones," asked
museum officials to remove one of the exhibition's corporate sponsors after
learning its chief executive owned a 2,600-year-old Egyptian coffin. "Antiquities
should be in museums, not in people's homes," he told those in attendance,
referring to John W. Rowe, of Exelon, a Chicago energy company. Rowe immediately
offered to send the sarcophagus to the museum on indefinite loan.
Also last month, Hawass gave St. Louis Art Museum director Brent Benjamin
a May 15 deadline to return a 3,200-old funerary mask that Hawass says was
illegally taken in the early 1990s from a storage facility near the site
of its excavation. In April, he fired off a letter to New York Mayor Michael
Bloomberg, asking him to return a 71-foot-high Egyptian obelisk in Central
Park if he didn't start taking care of it. The pillar, which is in poor
condition because of neglect, has been in the park since 1881 -- a gift
from the Egyptian government in return for American aid in constructing
the Suez Canal. Bloomberg has yet to reply, Hawass says.
Since Hawass became director of Egypt's 34,000-member Supreme Council of
Antiquities in 2002, many Egyptologists agree that the feisty 59-year-old
archaeologist has done more than anyone yet to bring Egyptian civilization
to the world stage, appearing on cable television, writing newspaper articles,
traveling the world giving lectures and launching exhibits of Egyptian treasures.
Last month, Time magazine named him as one of the planet's "100 most
influential people."
"He is the leader of an enormous organization that is faced with many
challenges," says Willeke Wendrich, associate professor of Egyptian
archaeology at UCLA. "He has taken significant steps to safeguard (Egypt's)
cultural heritage."
Hawass is one of the Arab world's most recognized faces. Whether explaining
ancient history on the Discovery or History channels or dispelling theories
that aliens built the pyramids, the stodgy, silver-haired Hawass has become
a familiar figure clad in blue jeans, blue work shirt and Indiana Jones-style
hat. A National Geographic explorer-in-residence, he has several discoveries
under his belt, including a cemetery for pyramid workmen at Giza and the
Valley of the Golden Mummies in Bahariya. Read more about this
Egypt Real Estate news story >>
Restoration of Rosetta
The
Supreme Council of Antiquities has begun a comprehensive project to restore
the mosques , houses and bathhouses of Rosetta and transform the town into
an open museum. Rosetta was known as “Rhyt” ( meaning the common
people) in pharaonic Egypt, “Rakhit” in Coptic , “ Rashid”
in Arabic and was Europeanized to “ Rosetta.”
The ancient buildings include the Rosetta gate, the Abu Shahin mill , the
Azuz Bathhouse and several fine houses. The date back to the Mamluk period
and the beginning of the Ottoman period.
Meanwhile the Rosetta National Museum and the local centre for traditional
handmade crafts will be undergoing renovations. The museum houses a replica
of the Rosetta stone, the weapons used to defend Rosetta from occupation
are displayes as well as pottery from the Islamic era.
Key archaeological finds in Sinai
An archaeological mission belonging to the Supreme Council of Antiquities
(SCA) announced the discovery of 36 tombs dating back to the pre-history
era.
Dr. Zahi Hawwas, Secretary-General of SCA said that the mission unearthed
the tombs during an archaeological survey in Ain Hadra and Abul Rdeis, central
Sinai.
Queen’s mummy arrives in Cairo
The mummy of Queen Hatshepsut, which was brought from Luxor under the supervision
of a committee from the Supreme Council of Antiquities (SCA), was discovered
in the Valley of Kings at Luxor. The queen's mummy
will be transferred to the Egyptian Museum in down- town Cairo . Read
more about this Egypt
Real Estate news story >>
News 04 June 2006
A Royal Find in Valley of the Kings
Archaeologists
have uncovered the first Intact tomb on the Nile's West Bank in 84 years
in Egypt's Valley of the Kings,
In February, the team discovered the tomb — designated KV 63 —
just feet away from the tomb of ancient Egypt's young celebrity pharaoh
Tutankhamen.
Since then, the team has unearthed a trove of seven wooden coffins, about
20 storage jars, and more than a few oddities that are still being figured
out.
All of this, even though many experts have argued that the
Valley of the Kings — the elaborate final resting places of the
ancient society's kings and queens — has nothing left to offer archaeology
and Egyptology.
"When you least expect it sometimes, something just pops up,"
said professor Otto Schaden, field director of the Amenmesse Tomb Project
of the University of Memphis. He also who discovered the tomb.
"We can only find what they leave us, you know? When you're digging,
you never know what you're going to see next."
Schaden says the dig has many excited — not just because it's the
first tomb uncovered in the Valley since 1922, but because there are numerous
signs that suggest there may be a mummy still waiting in one of the dig's
two unopened coffins and that it may be connected to King Tut.
Breathing Life Back Into Valley of the Kings
Of the seven coffins discovered, two have yet to be opened and that's where
not just Schaden, but many in the archaeology community, are hoping they'll
find an important, perhaps royal mummy.
"One suggestion is that it may be the mummy of his wife, or [Egyptian
Queen] Nefertiti, or possibly Tut's mother Kia," said James Phillips,
professor of anthropology at the University of Illinois and an archaeologist
with the Field Museum in Chicago.
Though Phillips says he's relying on reports out of the region, his theories
are realistic possibilities considering the time period, where the tomb
was discovered, and the fact that experts have been in search of the mummies
of these women for 100 years.
"That would be huge," said Ken Nystrom, biological anthropologist
at Santa Clara University, and the show's presenter. "It would be incredible
to find another royal mummy in KV 63."
The jackpot in many ways would be if the tomb turned out to be that of Nefertiti,
the stunningly beautiful wife of Pharaoh Akhenaten, another well-known leader
in ancient Egypt.
Read more about this
Egypt Real Estate news story >>
Mubarak Says German Firms Plan Egypt
Investment
DaimlerChrysler
AG's Mercedes-Benz luxury car division and other German automakers are planning
to build a plant for spare-part production in Egypt, said Egyptian President
Hosni Mubarak.
``We have learned today about a project by German companies including Mercedes
and others,'' Mubarak told reporters in Berlin after an hour of talks with
German Chancellor Angela Merkel. ``They want to start a large project in
Egypt for spare parts and other services,'' Mubarak said without elaborating.
Mubarak, who paid his second visit to Berlin within two months to attend
an Egyptian art exhibition in the German capital, said he expects Merkel
to visit Egypt ``soon'' to discuss details of the corporate project. DaimlerChrysler
had no immediate comment.
``We're expecting her in Egypt soon, so that Egypt will also become a centre
for spare-part production for large companies,'' Mubarak said. Merkel said
German-Egyptian ties are ``very close,'' without commenting on the planned
investment. Read more about this
Egypt Real Estate news story >>
Egypt expects more Chinese investment
Egypt
expects more Chinese investment as the country embraces a better environment
for foreign direct investment, Egyptian Minister of Investment Mahmoud Mohieddin
said on Wednesday.
Mohieddin made the remarks at a press conference after he co- launched a
workshop on Egypt's investment reform agenda with Richard Hecklinger, deputy
secretary-general of the Paris-based Organization for Economic Cooperation
and Development (OECD).
The minister particularly praised a latest Chinese investment of about 10
million U.S. dollars, which will help build a one-stop service building
in the Suez industrial zone to provide convenient services for foreign investors.
Mohieddin, who is scheduled to visit China later this year on the occasion
of the 50th anniversary of the establishment of diplomatic ties between
Egypt and China, said that Egypt welcomes more Chinese investment in various
sectors. Read more about this
Egypt Real Estate news story >>
News 01 June 2006
Egyptian Economy Growing Fast
Egypt
has a story to tell. Economic growth for the first quarter of 2006 year
reached 6.1 per cent, with inflation going down to around three per cent.
Egypt's foreign currency reserves currently stand at almost $23 billion,
thanks to higher net capital inflows generated from tourism and Suez
Canal revenues. Foreign direct investments grew in 2004/2005 to reach
$ 3.9 billion, which is an increase of around $2 billion from the year before.
The improved macro-indicators directly reflect the multi-faceted approach
to reform recently adopted by the Egyptian
government. When the new cabinet headed by Nazif was sworn in, in the
summer of 2004, it tackled the immediate and pressing problems of investors,
especially regarding the customs and tax regimes which many saw as over-
bureaucratised and not offering sufficient incentives. Reforms in these
two domains in particular have helped reinstate confidence in the economy.
With its renewed emphasis on providing a better investment environment,
the government is now hoping to attract the foreign investment needed to
generate jobs in a market which absorbs some 700,000 new entrants every
year. To this one may add a backlog of unemployed youth, some of whom have
been without a job for over a decade. "Domestic investment is simply
not sufficient to attain the desired growth rates of seven to eight per
cent." says Tareq Allouba, International Finance Corporation (IFC)
senior investment officer.
While striving to make investors' life easier, the government has also begun
to speed up privatisation. The new momentum which the privatisation process
has gained was lauded recently by an International Monetary Fund (IMF) mission
which described it as "exceeding expectations". The banking sector
has also undergone reforms that are changing the face of the industry. The
government's stake in joint-venture banks is now being speedily divested,
with the long-awaited privatisation of the first of the four main public
sector banks underway. Last April, interested buyers submitted their proposals
for the purchase of a 75 to 80 per cent stake of the Bank of Alexandria.
Two other public sector banks, Banque du Caire and Banque Misr will be merged
together later this year. With the finalisation of sale of Bank of Alexandria,
and the merger of the two public sector banks, only two public sector commercial
banks will be remaining in business.
The Egyptian banking sector is one area that has received an influx of foreign
investment, with the entry of the Greek Piraeus Bank which purchased the
Egyptian Commercial Bank and the expansion of the existence of Calyon Corporate
and Investment Bank, part of the French Credit Agricole Group, through its
purchase of the Egyptian American Bank. Société Général
also grew its presence in the Egyptian market by buying out Misr International
Bank. And the Lebanese Blom Bank took over Misr Romania Bank. Also, a consortium
including Ripplewood Holdings, Eton Park Capital Management and RHJ International
purchased the National Bank of Egypt's share in Commercial International
Bank. Read more
about this Egypt Real
Estate news story >>
Visa on arrival for Indians visiting Egypt
Egypt
will soon issue visa-on-arrival (VOA) for Indian tourists, which would give
Indians the option of applying for visa after arriving in Egypt.
This was decided by the Egyptian tourism ministry recently. Before VOA was
granted, it took a week for getting a visa to Egypt, which has an embassy
in New Delhi and a consulate in Mumbai.
“Around 57,000 Indians visited Egypt in 2005, a growth of 25 per cent
from the previous year. After the grant of VOA, the numbers will be even
better in future,” said Sami Mohammad, Councellor, Egyptian Tourist
Authority (ETA), Mumbai.
ETA expects the number of Indian tourists to Egypt to double in a couple
of years. In March, ETA Chairman Ahmed Al Khadem had visited India to promote
Egyptian tourism.
Over 8.6 million foreign tourists visited Egypt in 2005, a growth of 10
per cent from the previous year. Egypt, in the past, had offered VOA to
US, Canada, western European countries, Malaysia, Korea and Japan.
Tourism is a major contributor to Egypt's Gross Domestic Product (GDP) and
the largest foreign currency earner. The European market constitutes the
largest generating market for International Tourist Arrivals (ITA) to Egypt.
Of late, Meetings Incentives Conventions and Exhibitions (MICE) tourism
is gaining momentum.
“Egypt is a recent destination identified by Indian travellers. It
is a place which offers a blend of modernism with ancient culture. It is
a gateway to Europe, West Asia and Africa,” said an official in Cox
& Kings, the Mumbai-based tour operator. Read more about this
Egypt Real Estate news story >>
Egypt Sets Currency Ceiling to Defend Export Competitiveness
Boutros-Ghali
is to sell Egyptian pounds to prevent its currency appreciating below 5.75
per dollar to defend competitiveness of its exports and jobs, the finance
minister said.
Egypt would ``prefer'' for the currency not to appreciate in a range stronger
than 5.70 to 5.75 per dollar, Youssef Boutros- Ghali said in an interview
in the Red Sea resort of Sharm el- Sheikh,
where about 1,200 mainly Arab political and business leaders are gathering
for the annual Middle East meeting of the World Economic Forum.
A stronger currency ``reduces your competitiveness, so your exports go down
and what concerns us, employment goes down,'' Boutros-Ghali said in an interview.
Merrill Lynch & Co. said last month Egypt's currency may gain against
the dollar as faster economic growth boosts foreign currency reserves.
The dollar has declined 5.4 per cent versus the pound since December 2004,
when Egypt's central bank set up an exchange for banks to trade currencies
to improve their supply to the market. The pound, which the government floated
in 2003, closed yesterday at 5.77 pounds per dollar.
Egypt last year reported record income in foreign currencies from tourism,
oil and gas sales, and fees on ships passing through the Suez Canal that
links the Mediterranean and Red seas.
Read more about this
Egypt Real Estate news story >>
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Egypt Real Estate
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Hotel For Sale Luxor
Hotel for sale in Egypt - Luxor City Centre
Location: Luxor
Category: * * * *
Ref: GA01
Price: P.O.A.
Egypt Real Estate
Property for sale in Egypt - Apartment
Location: Luxor
Ref: PJ5007
Price: £ 43,000
Details: Beds: 3 | Baths:2 | Built M2 180 | Pool: No |
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Property for sale in Egypt - Apartment
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Ref: PJ5006
Price: £ 43,000
Details: Beds: 2 | Baths:1 | Built M2 180 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: EA226
Price: £ 39,950
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Location: Luxor
Ref: CC5014
Price: £ 33,000
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Price: £ 33,000
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Ref: PJ5000
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Ref: MDC5000
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Ref: EA110
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Real Estate for sale in Egypt - Apartment Building (4 Apartments)
Location: Luxor
Ref: G7919
Price: £350,000 GBP
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Location: Luxor
Ref: G5582
Price: £82,000 GBP
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Real Estate for sale in Egypt - Apartment
Location: Luxor
Ref: G7296
Price: £55,000 GBP
Details: Beds: 2 | Baths: 1 | Built: M2 - | Plot: M2 - | Pool: -| | Garage: -